Oceaneering International cuts dividend by 44.4%

Oceaneering International (OII) will lower its quarterly dividend to $0.15 per share.

The dividend is payable December 16, 2016 to shareholders of record at the close of business on November 25, 2016.

The offshore oil and gas industry services provider had increased it's dividend in the last four years prior to today's dividend cut.

In 2014 the dividend was hiked by 22.7% to $0.27 per share. Last year Oceaneering International didn't raise it's dividend. The stock is down more than 30% in 2016, following losses of 36% and 25% in 2015 and 2014.

Based on a stock price of $24 the new estimated dividend yield is 2.5%.

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